March 14, 2019 / 7:02 PM / 2 months ago

UPDATE 2-Goldman Sachs cuts CEO job in Brazil

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By Carolina Mandl

SAO PAULO, March 14 (Reuters) - Goldman Sachs Group is changing its management in Brazil and getting rid of the post of local chief executive officer, the bank said in a statement on Thursday without offering a reason for the change.

Latin America co-heads Gonzalo Garcia and Ram Sundaram announced that current CEO Maria Silvia Marques will become the chair of the bank’s consultative board.

They said Goldman’s activities in Brazil will be led by a new executive management committee with six members.

Goldman spokesman Michael Duvally confirmed the change.

The members of the new executive management committee are Paula Moreira, Daniel Motta, Juliano Arruda, Rodolfo Soares, Ricardo Bellissi and Ricardo Mourao, the bank said.

The move comes after Goldman Sachs was the leading bank in share offerings by Brazilian companies in 2018, as it managed the country’s two largest IPOs of the year: card processing companies PagSeguro and StoneCo Ltd.

Earlier this month, Goldman Sachs’ head of investment banking in the country, Antonio Pereira, left the bank. Managing directors Ricardo Bellissi and Rodolfo Soares were appointed co-heads.

Reporting by Carolina Mandl; Editing by Leslie Adler, Sonya Hepinstall and Cynthia Osterman

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